Help - 2nd kitchen = no mortgage

Smileyhippo · 26 September 2012 at 8:07PM

We made an offer on a house, got accepted, and valuation done. However, mortgage been refused because there is a 2nd kitchen upstairs as the current owner lets out some of the rooms. The only way we can get an offer is if the current owner removes the kitchen. Does anybody know of any options? We tried to ask the provider to tie in a mortgage condition that we remove the kitchen within a couple of months of moving in - we have no intentions of keeping the kitchen, or letting any rooms. They have still refused. Am desperate as we have to move out of our house in one month!!

mummyroysof3 · 26 September 2012 at 8:10PM

have the owners refused to remove the kitchen? will they let you do it?

Smileyhippo · 26 September 2012 at 9:05PM

We haven't been able to ask yet - they've gone on holiday! I want to have a Plan B in place, just in case they say No.

Dave_Ham · 26 September 2012 at 9:13PM

It will be incredibly difficult to achieve this without a very flexible seller.

Depending upon rest of the details, bridging finance may be an option but will be very expensive.

People sometimes exhange and obtain keys and then do the work and have the valuation re-done.

This is incredibly risky though and unless you have rich relatives will be tricky in the extreme.

Good luck

Smileyhippo · 26 September 2012 at 9:17PM

Thanks Dave - not what I wanted to hear but what I suspected. We'll have to wait for the seller to return.

Would there be any scope in a commercial mortgage, then moving in, removing kitchen & swapping to a residential mortgage?

Dave_Ham · 26 September 2012 at 9:23PM

Depends upon the detail, commercial mortgages are hard to achieve and even buy to let do not like 2 kitchens.

Smileyhippo · 26 September 2012 at 9:34PM

I still don't understand why it can't just be a condition within a mortgage - we would have no qualms in signing something to confirm that we will rip it out?!

So disappointing.

Dave_Ham · 26 September 2012 at 9:36PM

You are assumig that the banks can apply common sense. Got told the other day that an un-named bank had to change policy as their system could not add the condition appropriately on the mortgage offer.

I do agree, but unfortunately it will not happen

GMS · 26 September 2012 at 9:41PM

I had a 2 kitchen approved years ago as it was a religious reason for it. No sub letting was going on.

For your case it seems pretty easy. The vendor will encounter the same issue with any buyer so they need to rectify prior to any sale happening (other than a cash one).

I am sure they will comply with the requirements to get the place sold.

Smileyhippo · 26 September 2012 at 9:55PM

Thanks GMS - I hope you're right! We have offered to remove the kitchen and do the work, but she has no idea currently due to holiday. There may be a small issue as she has tenants currently and they would have to share her private kitchen, so it depends on whether she will do that too. We have exchanged on our house and ready to complete on hers if the kitchen problem is rectified - that is the only issue. Fingers crossed.

Conrad · 26 September 2012 at 11:41PM

Smileyhippo wrote: »

I still don't understand why it can't just be a condition within a mortgage - we would have no qualms in signing something to confirm that we will rip it out?!

So disappointing.

Because past experience demonstrate people with best laid plans do not always see them through and a lender does not need the hassle and expense of administering a new valuation and un derwriting later.

Commercial mortgage will be impossible unless you retain a realistic main residence AND MOVE INTO IT NOW. Otherwise they'll know you will move in and thus it would break all the rules.

Buy to let wont work unless you have another provable owned local main resi.

Only hope is the owner will help out here.

Help - 2nd kitchen = no mortgage

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